Divorce is a time of massive change. Change in schedule, change in routine, change in living situation, change in dynamic, change in budget – you name it, it changes after a divorce. Many divorcing couples do not understand, however, that divorce should also be accompanied by a change in estate plans. (An estate plan […]
I spent the Memorial Day weekend out of town for a wedding and was joking with some of the other guests that the bride (who is my stepsister) will most likely hire someone to assist her in changing her name upon her return from her honeymoon. I am one who opted to not change my […]
When a couple determines that it is time to end their marriage, what should be the easiest part of the divorce process can, and often does, turn into one of the most contentious: the division of marital assets and property. Parties will often spend thousands of dollars on attorney fees arguing over personal property ranging […]
According to the IRS, same-sex couples who were legally married in a jurisdiction recognizing their marriage will be treated as a married couple for federal tax purposes, regardless of where they currently reside. Revenue Ruling 2013-17 reassures “legally married same-sex couples that they can move freely throughout the country knowing that their federal filing status […]
Bethenny Frankel is the real housewife turned mogul, who sold her SkinnyGirl drinks to Beam Global for $120 million. In a matter of a few years, Bethenny went from near bankruptcy to multi-millionaire. She also went from single, to marriage, to motherhood in that same time frame. And now, she is getting divorced. I don’t pretend to be […]
Historically, determining a decedent’s heirs was easy – determine all of the decedent’s living family members on the date of decedent’s death and if decedent’s wife was pregnant on the date of his death, wait to see if the child is born alive. Now, however, science has provided us with the ability to freeze genetic […]
As the gay marriage debate rages on across the country, another related issue is gaining traction as well—gay divorce. Gay marriage is currently legal in six states and the District of Columbia. There is no marriage residency requirement in these states either. That means couples can get married in these states without living there. And […]
Losing a spouse is a heart-wrenching event that can be difficult, if not unbearable, to even plan for. Therefore, many surviving spouses are not prepared for the death of their spouse and subsequently have to deal with financial and legal questions at a time when they are most likely not thinking clearly. This post discusses […]
The old adage “what’s mine is yours and what’s yours is mine” is particularly true for spouses located in community property states. News of the L.A. Lakers star Kobe Bryant’s divorce reminds us how important it is to know whether or not you are located in a community property state and to plan properly if […]
Below is an illustration (a fictitious one) with three things to consider upon the death of a spouse who owns a business. Henry and Wendy celebrated their 30th anniversary last summer with their two children and three grandchildren. At the time of her death in November 2011, Wendy owned an increasingly successful retail business. Henry […]
Minimizing and Managing Social Security Benefit Taxes This is the third and final article of a three-part series to help married couples maximize the total amount of Social Security benefits they will receive in their lifetimes. How Social Security Benefits Are Taxed The amount that benefits are taxed is determined by how much other earned […]